Press Digest from FN

A round-up of stories making the news this morning...

By

FN Staff

March 21, 2017 8:00 a.m. GMT

UBS set to face trial in French tax evasion probe UBS and its French subsidiary revealed on Monday that they will face a trial related to a long-drawn probe into the company’s alleged involvement in aiding tax evasion by local clients. The announcement follows French media reports that claimed that the Swiss lender had rejected a €1bn settlement with the country’s prosecutors. (NY Times)

Investor body warns of shareholder revolts against UK pay deals UK firms will likely face potential shareholder revolts this year, once they put their compensation plans to a binding vote at AGMs, warns the Investment Association. The number of companies seeking meetings with IA - in an attempt to avert showdowns with investors - has at least “doubled” over the past six months. (Times)

UK banks seek assurance amid initiation of formal Brexit talks The UK finance industry is seeking assurances that it will remain competitive outside the European Union, amid the government’s move to formally begin Brexit talks next week, according to the Financial Times, which quoted TheCityUK chairman John McFarlane. (Independent)

Elliott demands probe into Arconic pact with US buyout firm Elliott Management, a key shareholder of Arconic, has demanded an impartial investigation into a “secret voting lock-up” at the US metals and components firm, which the activist hedge fund believes was thwarting attempts to replace chief executive Klaus Kleinfeld. (FT)